Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Did Sichuan Forget to Tell Chongqing About Their Joint Olympic Bid?
Alibaba’s Healthcare Unit Finds Tonic for Profits
Trending in China: Beijing Tackles Parking Shortage With Shared Spaces
Chinese Wireless Telecoms Operators Join Forces to Build 5G Base Stations to Reduce Costs
Ruhnn, Another U.S.-Listed Chinese Company Looks to Go Private
Unicorns surge to 500 in number as US and China account for 70%
Trending in China: Social Media Comes Out in Support of High Quality Fakes
Xiaomi-Backed IoT-Enabled Appliance Maker Sees Revenues Grow While Profits Slump
Chinese Startup WeRide Reports Promising Robotaxi Results
Trending in China: God recalls his hand – tributes to Maradona from Chinese social media after his death
Tesla to Manufacture Electric Car Chargers in China
China Restricts Livestreaming Spending and Blocks Underage Users from Tipping Performers
TikTok Granted One-Week Extension of Forced-Sale Deadline
Chinese Online Language Educator 51Talk Speaks the Language of Profit
Trending in China: Are Elderly ‘Collateral Damage’ in Increasing Technological Cashless World?
Trending in China: Black and White ‘Little Miracle’ Born to 22-Year-Old Panda in Washington
Facing U.S. Sanctions, Huawei May See Global Smartphone Share Slump to 4% in 2021
Chinese LGBTQ Dating App Owner BlueCity Acquires Youth-Focused Gay Platform Finka
Xiaomi-Backed Smart Wearables Maker Huami Sees Profits Slump Despite Revenue Growth
Baidu Maps Illegally Using Other Chinese Firm’s Mapping Info, Court Finds. Bumps Up in Hong Kong Trading Debut

By Yang Ge / Jun 18, 2020 02:59 PM / Finance

Photo: VCG

Photo: VCG

And then there were three.

That’s how many U.S.-listed Chinese tech giants now have second listings in Hong Kong, following the Thursday trading debut of’s shares in the former British colony.’s Hong Kong shares jumped nearly 6% when the trading day began, but settled down after that and were up around 4% midway through the trading day. The company raised $3.84 billion in the listing, making it the largest for Hong Kong this year.

The debut comes after online game giant NetEase launched its own Hong Kong IPO, whose shares began trading a week ago. E-commerce giant Alibaba led the way with a hefty $12.9 billion in the first such secondary listing last November.

But such secondary listings aren’t only for China tech firms.

Fast food giant Yum China, which operates KFC and Pizza Hut restaurants in China, may be one of the next to join the dual listing queue, according to a report in the Financial Times. The company, which was spun off from the larger Yum Brands and separately listed in New York in 2018, is inviting investment banks to pitch this week for a role as advisers on such a deal, the paper reported, citing an unnamed source familiar with the matter.

That deal could raise up to $2 billion, the report said.

Such secondary listings are becoming a popular way for Chinese firms that trade in New York to make their shares more accessible to their core customers in China. By listing in Hong Kong, such companies can also offer trading nearly around the clock.

Contact reporter Yang Ge (

Related: Interview: Hong Kong IPOs Offer Top China Tech a Path Back Home

Share this article
Open WeChat and scan the QR code